Constructive destruction for a Viksit Bharat

An argument for next-gen reforms in the insolvency process for economic growth

- GP Madaan

India is the world's fourth-largest economy as of 2025, and it is well on course to become the third-largest, with its GDP projected to reach $7.3 trillion by 2030 from the current $4.2 trillion—a long stride towards the milestone of the nation's aspiration of becoming a Viksit Bharat by 2047. Positioned at a critical juncture in its economic journey, the nation needs a powerful mix of consistent policymaking and far-reaching economic reforms. In his latest book, Corporate Insolvency—The Road to Viksit Bharat: Law, Policy and Practice, veteran insolvency expert and lawyer Sumant Batra advocates that a robust insolvency regime is intrinsically connected to a nation's economic growth and aligns the insolvency discourse with national aspirations to realize the goal of a Viksit Bharat. He illustrates the transformative journey of the Indian economy and proposes forward-looking, visionary reforms aimed at positioning India as a global insolvency hub.

In his book, Batra considers the subject of insolvency from a broader geopolitical perspective and argues that the policy choices we make will determine whether our insolvency system renders the economy vulnerable to potential threats or serves as a shield against disruptions and economic shocks caused by geopolitical developments. The book is a fitting response to the growing perception that the sheen of the Insolvency and Bankruptcy Code (IBC) is fading.